Listed below is the 2014 median household income for the 50 states and the District of Columbia.https://www.census.gov/hhes/www/income/data/historical/household/

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Listed below is the 2014 median household income for the 50 states and the District of Columbia.https://www.census.gov/hhes/www/income/data/historical/household/

State Amount State Amount Alabama 42,278 Montana 51,102 Alaska 67,629 Nebraska 56,870 Artzona 49,254 Nevada 49,875 Arkansas 44,922 New Hampshire 73,397 Californla 60,487 New Jersey 65,243 Colorado 60,940 New Mexlco 46,686 Connecticut 70,161 New York 54,310 Delaware 57,522 North Carolina 46,784 D.C. 68,277 North Dakota 60,730 Florlda 46,140 Ohlo 49,644


Use a statistical software package such as Excel or Minitab to help answer the following questions.
a. Determine the mean, median, and standard deviation.
b. Determine the first and third quartiles.
c. Develop a box plot. Are there any outliers? Do the amounts follow a symmetric istribution or are they skewed? Justify your answer.
d. Organize the distribution of funds into a frequency distribution.
e.
Write a brief summary of the results in parts a to d.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For  book-img-for-question

Statistical Techniques in Business and Economics

ISBN: 978-1259666360

17th edition

Authors: Douglas A. Lind, William G Marchal

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